Nvidia Near Record High as Huang Prepares for Sept. 10 Talk

Nvidia shares are trading roughly 4.6% below their record after a close at $225.73, with investors focused on CEO Jensen Huang’s fireside chat at Goldman Sachs’ Communacopia + Technology Conference on Sept. 10 at 8:50 a.m. PT. Market participants expect commentary on AI demand, enterprise adoption, supply constraints and the timing of Nvidia’s next architecture, Feynman.

Cantor Fitzgerald analyst C.J. Muse reiterated an Overweight rating and set a $350 price target on Sept. 8, writing that Nvidia trades at the ‘cheapest’ valuation among compute names on calendar-2028 earnings estimates and remains under-owned by hedge funds and long-only managers. Those observations have increased attention on Huang’s remarks ahead of potential estimate revisions.

Recent corporate results have offered signs of broader demand. Dell raised its annual outlook after reporting record revenue and a large AI-server backlog. D.A. Davidson analyst Gil Luria viewed Dell’s results as evidence of momentum for enterprise AI compute beyond the largest cloud providers.

Customer concentration remains a noted risk. Nvidia’s regulatory filing showed three direct customers represented about 16%, 15% and 13% of total revenue in the first half of fiscal 2027. Investor Dan Niles flagged that some of Nvidia’s largest customers are developing their own application-specific chips, a trend that could reduce reliance on external GPUs.

Nvidia’s planned $12.93 billion acquisition of Hugging Face would give the company access to more than 18 million developers and a more direct route into enterprise AI, according to company disclosures and analyst commentary. The deal is presented as a way to broaden Nvidia’s addressable market beyond cloud providers.

Analysts and investors will parse Huang’s comments for any signals on whether AI spending is expanding to a wider set of corporate customers, on product road map timing and on whether supply can meet demand. Nvidia closed Tuesday down 2.01% and remains about 4.6% below its $236.54 all-time high.